The IRS allows you to invest an amount of money pre-tax, can you also pay off debt pre-tax? - pay off debt fast
I asked myself a lot of people coming out of college have a lot of debt and Arent thus begin to contribute to an IRA or retirement plan, but we have a huge amount of debt, there is a way we can the money be diverted to a plan so that we too pay our debts faster than it exempt from tax? akin to divert the money into a tax-free investment or retirement?
Tuesday, January 19, 2010
Pay Off Debt Fast The IRS Allows You To Invest An Amount Of Money Pre-tax, Can You Also Pay Off Debt Pre-tax?
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4 comments:
No, there is nothing like it.
Not! Sorry, this is not possible under existing legislation.
Not! Sorry, this is not possible under existing legislation.
Not exactly. However, if you anticipate that medical debts can not acquire in the future to contribute (which to the existing debt), possibly pre-tax contributions to an HSA or FSA do for medical expenses, contributed before, and then use the money to tax free, pay medical bills.
Then there are the tax benefits after the payment of the debt:
1. In order not to) "to avoid adopting tax (debt that must be included in the base.
2. They are in a better position for a mortgage, you mortgage interest and property taxes on goods that you can buy deduct qualifying.
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